Princess Platinum Insurance?

[Cruiserkenn]

I always have Princess Platinum Insurance.  I was wondering...  Why doesn't the insurance just pay for my March cruise that Princess cancelled?  

 

Is is it not "real" insurance?  

 

In the past, when I have had to claim damages with car insurance or house insurance, I was paid quickly.  Why doesn't "Platinum" insurance work this way?

 

i am looking for an easy to understand answer, not something long and involved concerning contracts, etc.. In other words, I did not have to be a contract law expert to get my payments from car insurance or home insurance.

 

Thanks in advance, all.

 

Edited May 19, 2020 by Cruiserkenn
Typo

[voljeep]

2 parts - AON ( insurance ) handles the medical reason side with money

 

Princess handles the CFAR with FCC

[dearinger]

I know that Princess made a decision to reimburse everyone (supposedly) themselves instead of asking customers to use insurance. I wonder if this is due to Princess being concerned that the insurance company would drop them as a customer? I imagine they also have an agreement with Princess that if they cancel the cruise they will pay up?

 

Lots of speculation on my part..

[Cruiserkenn]

So, it seems that in the future, it would be wiser on my part to book my own outside travel insurance.  Yes?  Or do they not pay up either, under these extreme circumstances?

[weedpindle]

Look at all policy fine print. See that something like war, act of God, pandemics are not covered.

[Cruiserkenn]

8 minutes ago, weedpindle said:

Look at all policy fine print. See that something like war, act of God, pandemics are not covered.

 

OK, but if they don't cover those things, what is the point? 

 

It seems I would have been better off to save the thousands of dollars that I have paid in Princess Insurance, since 1988, and created my own cruise insurance travel fund.  I would be covered, at my own discretion.

 

The old saying about fool me once... Fool me twice...  Comes to mind.🙂😌🙄

[cherylandtk]

Over on the insurance board you will find all sorts of similar discussions about the value, perceived or actual, of insurance purchases.  There are many proponents on both sides of the discussions.

[Thrak]

Remember that the insurance only works if you actually pay for it. Most folks don't pay for the insurance until final payment but some seem to assume that they have insurance coverage because they selected it at booking. I'm not saying this is the case with the OP but it is the case for a fair number of others.

[Ereggae]

From what I gather, the Platinum coverage is useless and, unless death or serious health issue, will only issue Future Cruise Credits.  In the future I will purchase elsewhere and cough up the extra dollars for "Cancel For Any Reason" coverage.

Edited May 19, 2020 by Ereggae

[Cuedon]

It's usually deferred until final payment? I usually decline the Princess-offered insurance unless it involves an international outbound flight, but every time I've booked it, they made me pay for it at time of booking.

[Thrak]

46 minutes ago, Cuedon said:

It's usually deferred until final payment? I usually decline the Princess-offered insurance unless it involves an international outbound flight, but every time I've booked it, they made me pay for it at time of booking.

 

Weird. I book using FCD and nothing else. I do take the insurance. I don't pay a cent more until final booking. Perhaps you are using a TA who charges the insurance at booking?

[Cuedon]

1 minute ago, Thrak said:

 

Weird. I book using FCD and nothing else. I do take the insurance. I don't pay a cent more until final booking. Perhaps you are using a TA who charges the insurance at booking?

 

It must be a casino department thing. I only pay 100$deposit (returned as OBC) and taxes/fees, so they must be especially concerned about me running off without paying or something. I sort of figured that paying for insurance at time of booking would be normal since the return of cruise fare (in some form) is one of the one of the first things they mention, and you really wouldn't expect it to kick in until the insurance part is paid for. Which would make the most sense to be at time of booking.

[lx200gps]

1 hour ago, Ereggae said:

From what I gather, the Platinum coverage is useless and, unless death or serious health issue, will only issue Future Cruise Credits.  In the future I will purchase elsewhere and cough up the extra dollars for "Cancel For Any Reason" coverage.

Under "normal" circumstances, the Princess CFAR insurance was quite valuable to us (and we bought every time until it stopped being available to us), as we have no issue whatsoever in getting FCCs back for cancelling for "any" reason. Also, I believe that there aren't any third party insurers who offer 100% CFAR coverage, every one I've ever found caps the coverage at 75%. That missing 25% can add up to many thousands of dollars. If anyone knows of third party CFAR coverage at 100% that comes near to what Princess offers, we'd love to know about it.

[Babr]

5 hours ago, Cruiserkenn said:

I always have Princess Platinum Insurance.  I was wondering...  Why doesn't the insurance just pay for my March cruise that Princess cancelled?  

 

Is is it not "real" insurance?  

 

In the past, when I have had to claim damages with car insurance or house insurance, I was paid quickly.  Why doesn't "Platinum" insurance work this way?

 

i am looking for an easy to understand answer, not something long and involved concerning contracts, etc.. In other words, I did not have to be a contract law expert to get my payments from car insurance or home insurance.

 

Thanks in advance, all.

 

When the cruise line cancels, they are responsible for reimbursing you. Neither Princess insurance nor any third-party insurance will pay under those circumstances. The cruise line is obligated to give you a refund or a credit, so you have suffered no loss to file a claim.

 

It is real insurance in that it covers the risks listed in the policy. The cancel for any reason part is not insurance. It is a courtesy extended by Princess as incentive to buy the policy, but it is only in the form of a cruise credit and worthwhile only if you can use it. A lot of people found it to be an attractive feature because third-party insurance charges a significant premium for such coverage and pays out usually at 75%.

[SharkieRools]

1 hour ago, Cuedon said:

 

It must be a casino department thing. I only pay 100$deposit (returned as OBC) and taxes/fees, so they must be especially concerned about me running off without paying or something. I sort of figured that paying for insurance at time of booking would be normal since the return of cruise fare (in some form) is one of the one of the first things they mention, and you really wouldn't expect it to kick in until the insurance part is paid for. Which would make the most sense to be at time of booking.

Booked through the casino department before, never had to pay for insurance until final payment.  Of course that also means not covered until final payment, but then again what coverage do I need until then?

[suzyed]

On 5/19/2020 at 2:47 PM, Thrak said:

 

Weird. I book using FCD and nothing else. I do take the insurance. I don't pay a cent more until final booking. Perhaps you are using a TA who charges the insurance at booking?

I never pay for the insurance until I make final payment....never.